LHYAX | High Yield Fund Class A | Lord Abbett

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High Yield Fund

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Summary

Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.
 

A HERITAGE OF HIGH YIELD

Brings a 40+ year history of high-yield investing, focused on fundamental, bottom-up credit research.

AN OPPORTUNISTIC APPROACH

Provides the flexibility to adjust to the market environment and take advantage of opportunities across the credit spectrum.

STRONG TRACK RECORD

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core high-yield holding over a full market cycle.

Yield

Average Yield to Maturity as of 04/30/2024

8.78%

30-Day Standardized Yield 1 as of 04/30/2024  

7.21%

Fund Basicsas of 04/30/2024

Total Net Assets
$3.63 B
Inception Date
12/31/1998
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.92%
Fund Net Expense Ratio
0.92%
Number of Holdings
718
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 0.92%

Net 0.92%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 0.90% 7.61% -0.30% 2.30% 3.64% 5.90%
Lipper Category Avg. High Yield Funds 0.77% 8.37% 1.22% 3.23% 3.48% -
ICE BofA U.S. High Yield Constrained Index 0.51% 8.96% 1.55% 3.55% 4.20% 6.17%
w/ sales charge -1.44% 5.24% -1.04% 1.84% 3.41% 5.81%

Fund Expense Ratio :

Gross 0.92%

Net 0.92%

Fund Expense Ratio :

Gross 0.92%

Net 0.92%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 1.89% 9.60% 0.43% 2.88% 3.79% 5.96%
Lipper Category Avg. High Yield Funds 1.64% 10.26% 1.88% 3.71% 3.61% -
ICE BofA U.S. High Yield Constrained Index 1.53% 11.14% 2.25% 4.04% 4.37% 6.23%
w/ sales charge -0.48% 7.17% -0.32% 2.40% 3.56% 5.87%

Fund Expense Ratio :

Gross 0.92%

Net 0.92%

Type Assets
High Yield Bonds
Bank Loans
Equity
Convertibles
Investment Grade Bonds
Cash
Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 04/30/2024 View Portfolio

Rating Assets
BBB
BB
B
<B
Not Rated

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

23 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

33 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

16 Years of Industry Experience

Karen  J. Gunnerson
Karen J. Gunnerson

Portfolio Manager

14 Years of Industry Experience

Supported By 82 Investment Professionals with 18 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 04/30/2024

8.78%

30-Day Standardized Yield 1 as of 04/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 7.21% 7.21%

Fund Expense Ratio :

Gross 0.92%

Net 0.92%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 0.90% 7.61% -0.30% 2.30% 3.64% 5.90%
Lipper Category Avg. High Yield Funds 0.77% 8.37% 1.22% 3.23% 3.48% -
ICE BofA U.S. High Yield Constrained Index 0.51% 8.96% 1.55% 3.55% 4.20% 6.17%
w/ sales charge -1.44% 5.24% -1.04% 1.84% 3.41% 5.81%

Fund Expense Ratio :

Gross 0.92%

Net 0.92%

Fund Expense Ratio :

Gross 0.92%

Net 0.92%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/1998
w/o sales charge 1.89% 9.60% 0.43% 2.88% 3.79% 5.96%
Lipper Category Avg. High Yield Funds 1.64% 10.26% 1.88% 3.71% 3.61% -
ICE BofA U.S. High Yield Constrained Index 1.53% 11.14% 2.25% 4.04% 4.37% 6.23%
w/ sales charge -0.48% 7.17% -0.32% 2.40% 3.56% 5.87%

Fund Expense Ratio :

Gross 0.92%

Net 0.92%

Year Fund Returns ICE BofA U.S. High Yield Constrained Index
2023 10.46% 13.55%
2022 -13.75% -11.16%
2021 6.15% 5.35%
2020 4.49% 6.07%
2019 15.07% 14.41%
2018 -5.15% -2.27%
2017 8.50% 7.48%
2016 15.84% 17.49%
2015 -2.26% -4.61%
2014 3.46% 2.51%
2013 9.69% -
2012 16.50% -
2011 3.15% -
2010 14.31% -
2009 50.51% -
2008 -23.42% -
2007 2.43% -
2006 9.94% -
2005 1.15% -
2004 10.42% -
Year Q1 Q2 Q3 Q4
2024 1.89% - - -
2023 2.69% 1.15% -0.44% 6.82%
2022 -5.43% -10.72% -1.48% 3.69%
2021 1.73% 3.11% 0.63% 0.57%
2020 -16.65% 10.72% 5.69% 7.13%
2019 7.50% 3.77% 0.28% 2.86%
2018 -1.07% -0.04% 2.54% -6.47%
2017 2.82% 1.98% 2.45% 1.00%
2016 2.01% 5.52% 5.46% 2.05%
2015 3.05% 0.86% -4.23% -1.81%
2014 2.92% 3.38% -1.83% -0.95%
2013 3.97% -1.03% 2.51% 3.99%
2012 6.63% 0.36% 5.06% 3.61%
2011 3.82% 1.07% -7.02% 5.73%
2010 4.93% -0.92% 6.33% 3.40%
2009 5.95% 17.32% 14.23% 6.01%
2008 -3.43% 1.99% -7.81% -15.68%
2007 2.98% 0.17% 0.48% -1.17%
2006 2.57% 0.01% 2.80% 4.27%
2005 -1.74% 1.49% 0.87% 0.56%
2004 1.07% -0.32% 4.34% 5.04%
2003 4.06% 8.25% 2.40% 5.41%
2002 1.51% -3.59% -3.78% 6.10%
2001 5.14% -1.67% -3.99% 6.15%
2000 -1.66% 0.99% 0.31% -2.65%
1999 3.43% -0.11% -0.81% 3.99%

Growth of $10,000 as of 04/30/2024

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Bonds
Bank Loans
Equity
Convertibles
Investment Grade Bonds
Cash
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 04/30/2024

Rating Assets
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 03/31/2024

  • We continued to add to the Fund’s allocation in lower-rated credits. We believe that CCCs offer the best relative value given the recent compression in spreads across high yield ratings tiers as well as the overall strength of the economy. We added to select CCC positions throughout the quarter in sectors such as Healthcare and Basic Industry. While we are still constructive on credit in general given the resilience in the U.S. economy, we do remain vigilant on adding to companies in sectors that may be more susceptible to default risk as interest rates remain higher for longer. We have funded these purchases with higher-rated, call constrained BBs where we view valuations are tight. The Fund is now overweight CCCs relative to the benchmark, while underweight BBs.
  • The Fund continued to be primarily overweight Basic Industry and Energy sectors. We remain constructive in the Basic Industry and Energy sectors as a result of improving credit quality, stickier inflation, and positive cyclicality. We also view the potential for ongoing merger & acquisition activity as an added potential tailwind for these sectors. Within Basic Industry, the primary overweights continue to be Metals and Mining and Chemicals, the latter of which have benefited from meaningful destocking of inventories over the last several months. Within Energy, we remain focused on E&P and Oil Field Services subsectors, but with a renewed focus on offshore energy as an attractive opportunity to find relative value. The Fund also continues to be overweight sectors such as Capital Goods and Transportation. Conversely, the portfolio finished the quarter underweight sectors such as Media, Real Estate and Services.
  • The Fund maintained modest exposure to off-benchmark sectors. We generally believe that select exposures to non-high yield sectors can offer attractive risk-reward opportunities, potential portfolio diversification benefits, and avenues for liquidity. While the Fund has the flexibility to toggle allocations to off-benchmark asset classes, such as bank loans and convertible bonds, we continue to view traditional high yield corporate bonds as broadly attractive relative value compared to other sectors. 
  • We view high yield as an opportunity to capture high-quality carry. We remain constructive in high yield credit considering the overall resilience of the U.S. economy. Inflation has been stickier than anticipated and may remain above the Fed's target, which could cause elevated rate, and risk-asset volatility. However, the default outlook for 2024 is expected to be manageable and similar to, if not modestly better than in 2023. Despite the presence of higher policy rates, high yield bond issuers' balance sheets have remained robust, and we believe that the corporate sector will maintain financial discipline, with high yield companies possibly benefitting from strategic mergers and acquisitions by higher-rated companies. Looking ahead, we are focused on maintaining a cyclical approach in the Fund and targeting down-in-quality securities, with emphasis on commodities, consumer cyclicals, and sectors benefiting from the potential for modestly lower financing rates in the year ahead.

Portfolio Details as of 04/30/2024

Total Net Assets
$3.63 B
Average Effective Duration
3.33 Years
Average Maturity
5.1 Years
Number of Issues
718
Average Yield to Maturity
8.78%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 05/24/2024
$0.14685
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2024 $0.03868 $6.23
Daily Daily 03/31/2024 $0.03336 $6.33
Daily Daily 02/29/2024 $0.03858 $6.28
Daily Daily 01/31/2024 $0.03623 $6.30

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 05/31/2024
Daily Daily 06/30/2024
Daily Daily 07/31/2024
Daily Daily 08/31/2024
Daily Daily 09/30/2024
Daily Daily 10/31/2024
Daily Daily 11/30/2024
Daily Daily 12/31/2024

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/16/2021 12/17/2021 - $0.0100 $0.0100 $7.45

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 05/24/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $6.43
$100,000 to $249,999 1.75% 1.50% $6.40
$250,000 to $499,999 1.25% 1.00% $6.37
Greater than $500,000 0.00% 1.00% $6.29

Expense Ratioas of 04/30/2024

Fund Gross Expense Ratio Fund Net Expense Ratio
0.92% 0.92%

Fund Documents

Fund Documents

0Documents selected
Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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The ICE BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

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